An International Monetary Fund Executive Board meeting and the necessary “board approval” next week will facilitate a US$1 billion disbursement to Argentina, as stated by IMF spokesperson Julie Kozack during a press conference on Thursday in Washington, D.C. While a specific date was not provided, estimates suggest that the transfer may occur next Wednesday. Argentina anticipates this disbursement subsequent to the technical approval of the second review of the US$20 billion Extended Fund Facility program established in 2025. The technical agreement necessary for that approval was disclosed on April 15 amid the IMF and World Bank Spring Meetings held in Washington. Kozack articulated that the agreement centered “on policies to appropriately balance disinflation, external stability, and growth objectives for Argentina.” She stated that “this is meant to support timely and durable re-access to international capital markets.”
The spokesperson reiterated the emphasis on Argentina’s program. “The authorities’ stabilization plan continues to yield significant outcomes. Reform momentum has accelerated in recent times, and Argentina has received an upgrade from a credit rating agency, which has contributed to a further decline in Argentina’s spreads. She also emphasized the balanced-budget policy defended by the government, noting that “the authorities have demonstrated a strong and unwavering commitment to a zero-balance fiscal anchor.” The IMF states that this fiscal anchor “is something that we see critical to underpinning the decline in inflation and restoring confidence and macroeconomic stability.”
Kozack noted that “Argentina has also seen a significant reduction in poverty rates, which are now below 30%, and that’s a seven-year low.” She stated that relevant documents, such as the press release and the staff report, will be made available after the board meeting. In this manner, she left unresolved inquiries concerning the implications for investors stemming from the allegations of illicit enrichment related to Chief of Staff Manuel Adorni, the external financing strategy of the economy ministry, and reductions in education expenditure. Argentine authorities and IMF officials have consistently asserted that the commitment between the two parties “is very close.” The multilateral organization has, on multiple occasions, commended the reforms enacted by Javier Milei’s administration.
Recently, the Argentine government has once more sought assistance from the United States to fulfill its obligations to the IMF. At the conclusion of the previous month, the Treasury acquired Special Drawing Rights amounting to US$819 million from the Exchange Stabilization Fund, which is reliant on the U.S. Treasury, to facilitate an interest payment under the existing IMF program. While the IMF holds an optimistic perspective on the Argentine economy, it revised its 2026 growth forecast down to 3.5% from an earlier projection of 4%, attributing this adjustment to diminished economic momentum observed in the latter half of the previous year. The inflation forecast has been revised upward to 30.4% by the end of 2026.